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Level 1
posted Oct 4, 2021 12:18:30 PM

Depreciation not calculated in 2015 tax forms while renting out room for 1 yr and lived there in other room. Sold property in 2021.

Trying to figure this out for 2021. Here are the details:

  • rented room Jan 2015 to Dec 2015 and lived there as primary residence. Made about $15k in rent
  • rented room for just 1 yr and lived there as primary residence for 10 yrs right before selling in 2021
  • filled out Schedule E and wrote the allowable expenses
  • did not calculate depreciation
  • Gain of $1k without including depreciation
  • Fast forward to 2021- sold the property. I guess I would have to recapture / repay depreciation that I did not claim- Right? Depreciation is @$20K for 2015
  • I can't amend as from 2015
  • Any other forms to fill out or does turbo tax walk me thru this and ask if I had any depreciation or missed any?

0 1 268
1 Replies
Level 15
Oct 4, 2021 1:55:40 PM

Simple answer ... you cannot take depreciation if the property was put into service and removed in the same tax year.   So no depreciation was taken thus none needs to be recaptured now.